KKR and Permira force ProSieben share deal

Dutch Telegraaf Media Group takes 12% ProSiebenSat.1

COLOGNE, Germany -- Private Equity groups KKR and Permira have exercised their put option to force the Dutch Telegraaf Media Group to acquire 12% of Pan-European broadcaster ProSiebenSat.1 for 377 million euros ($588 million).

It's bad luck for Telegraaf. ProSieben shares have plummeted since the Dutch group first agreed to the deal in June 2007. Telegraaf will have to pay 28.70 euros ($44.70) a share for ProSieben stock currently worth 5.50 euros ($8.60).

ProSieben's shares opened up more than 3% Monday, but analysts credited the bump less to the Telegraaf deal than to optimism ahead of ProSieben's second-quarter figures, due Wednesday.